More than 30,000 borrowers are receiving an estimated $2 billion in debt relief in this initial round, according to the Education Department, the Washington Post reported. Of that group, at least 10,000 have already had their balanced canceled, while the remainder will have a clean slate in the coming weeks. In October, the department said it would temporarily allow all payments that eligible borrowers made on federal student loans to count toward the forgiveness program. The decision allows participants to sidestep the program’s rigid rules to receive debt relief, but only until Oct. 31, 2022. The department said 965,000 borrowers who are working toward forgiveness will see an increase in their payment count. That’s about 75 percent of the people who have indicated their interest in the program by submitting an employment verification form.
